Monday, April 18, 2011

Savanna Closes Approximately $550 Million Real Estate Private Equity Fund II


NEW YORK, NY – APRIL 18, 2011 – Savanna Investment Management, LLC (“Savanna”), a New York-based institutional real estate private equity and asset management firm, today announced the final closing of its second real estate private equity fund, Savanna Real Estate Fund II, LP with approximately $550 million of total equity commitments.

“The final closing of Savanna Real Estate Fund II is a significant milestone for us,” said Nicholas Bienstock (top right photo), a Managing Partner of Savanna.

 “We believe we are well positioned in today’s market with the ability to commit discretionary capital combined with our ownership and operating expertise. We are pleased with the broad support we received from our domestic and international investors.”

 The fund exceeded its $400 million target with its final closing of approximately $550 million, added Mr. Bienstock, with Park Hill Real Estate Group LLC acting as Savanna’s placement agent.

 “Park Hill Real Estate Group did an outstanding job assisting us with our fundraising initiative. Their relationships helped Savanna broaden our base of institutional investors in the US, Europe and Asia during a very difficult period for fundraising,” he said.

 "Savanna has been rewarded for superior service to its investors," said Charles Purse (lower left photo), a Managing Principal of Park Hill Real Estate Group. "We are delighted to see our clients do well, especially in this still challenging capital raising environment."

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